BELGIUM - The Belgian industry-wide construction scheme has selected the Bank of New York for global transition management, the bank said.

The bank said its BNY Global Transition Management arm guided the Fonds de Securité d'Existence des Ouvriers de la Construction "through a total restructuring of the asset allocation of its 400 million-euro pension fund and provided a combination of project and risk management".

"The most important consideration when we undergo complex changes to our pension fund is to minimise the risk to the portfolio," said Ann Devos, investment officer at Fonds de Securité d'Existence des Ouvriers de la Construction.

"It took a consultative approach to our restructuring and successfully guided us through the process at a reasonable cost."

"Since extending our transition management service to European-based clients last year, we have witnessed an increased demand among pension funds for experienced managers capable of understanding the particular nuances of fund portfolios," said Alex Johnstone, vice president and European product manager at BNY Global Transition Management.

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